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Standard Motor Products, Inc. (NYSE: SMP) is a leading independent manufacturer and distributor of replacement parts for motor vehicles in the automotive aftermarket industry. Established in 1919, SMP has built a reputation for delivering high-quality automotive parts that meet the rigorous demands of today’s vehicles. The company operates through two main segments: Engine Management and Temperature Control.
The Engine Management segment produces a comprehensive range of parts for ignition, emission, and fuel systems. This includes sensors, fuel injectors, ignition coils, and more. On the other hand, the Temperature Control segment is focused on manufacturing and remanufacturing automotive air conditioning and heating system parts, such as compressors, condensers, and blower motors.
SMP has recently emphasized expanding into the original equipment and original equipment service markets, enhancing its product offerings and market reach. The company’s products are marketed across the United States, Canada, Latin America, Europe, and Asia through both traditional and non-traditional channels.
In the latest financial results for the third quarter of 2023, SMP reported net sales of $386.4 million, a 1.3% increase compared to the same period in the previous year. Earnings from continuing operations were $24.9 million or $1.12 per diluted share. The company continues to see growth in its Engineered Solutions segment, driven by strong demand from existing customers and new business wins.
Looking ahead, SMP has announced the opening of a new distribution center in Shawnee, KS, set to begin phased operations in early 2025. This 575,000 sq.ft. facility will enhance the company’s logistics capabilities and expand its capacity for all aftermarket product categories.
SMP’s commitment to innovation, quality, and customer satisfaction has solidified its position as a key player in the automotive parts industry. The company's ongoing initiatives to reduce inventory and debt, along with its strategic growth plans, are expected to drive future profitability and market presence.
With a history of strong financial performance and a clear vision for the future, Standard Motor Products, Inc. continues to be a trusted partner in the automotive aftermarket industry.
Standard Motor Products (NYSE: SMP) has acquired 100% of Stabil Operative Group GmbH, a German manufacturer focused on electronic sensors, control units, and clamping devices for the European OE market, generating approximately $25 million in annual revenue. The acquisition, funded through a revolving credit facility, is expected to be accretive to diluted earnings per share by 2022. This strategic move enhances SMP's product portfolio, expands its global manufacturing footprint, and offers synergies with existing operations in Poland.
Standard Motor Products reported strong Q2 2021 results, with consolidated net sales reaching $342.1 million, up from $247.9 million in Q2 2020. Earnings from continuing operations were $28.0 million or $1.23 per diluted share, compared to $11.8 million or 52 cents per diluted share in the prior year. Year-to-date sales increased 23% and earnings surged 135% versus 2020. The Board approved a quarterly dividend of 25 cents per share, payable on September 1, 2021. The company continues to expand in original equipment markets amid strong demand and successful acquisitions.
Standard Motor Products, Inc. (NYSE: SMP) is set to release its earnings report for the second quarter of 2021 on August 4, 2021, prior to market opening. This report will cover the financial results for the three and six months ending June 30, 2021. Following the earnings announcement, a conference call will be held at 11:00 AM ET on the same day, providing a platform for discussing the results in detail. Interested parties can join via specific dial-in numbers provided.
Standard Motor Products, Inc. (NYSE: SMP) announced the acquisition of 100% of Trumpet Holdings, Inc. (Trombetta) for $108 million, expected to be accretive to earnings in 2021. Trombetta, generating approximately $60 million in annual revenue, specializes in power management products for various markets, with facilities in the U.S. and a joint venture in China. The acquisition aligns with SMP's strategy to expand into related markets and enhance its capabilities in the aftermarket sector, leveraging Trombetta's manufacturing and engineering strengths.
Standard Motor Products (NYSE: SMP) reported consolidated net sales of $276.6 million for Q1 2021, up 8.7% from $254.3 million in Q1 2020. Earnings from continuing operations rose to $22.2 million or 97 cents per diluted share, compared to $9.6 million or 42 cents in the previous year. The company will distribute a quarterly dividend of 25 cents per share on June 1, 2021. Key factors include strong demand in Temperature Control sales, up 21.4%, despite facing inflationary pressures. Management expresses confidence in continued growth and new business prospects.
Standard Motor Products, Inc. (NYSE: SMP) will report its earnings for Q1 2021 on May 5, 2021, before the market opens. A conference call is scheduled for the same day at 11:00 AM EDT, allowing investors to engage with company representatives. This upcoming earnings release may provide insights into the company’s financial performance during a challenging market period, helping investors gauge future prospects.
Standard Motor Products, Inc. (NYSE: SMP) has acquired certain assets and liabilities of the particulate matter sensor business from Stoneridge, Inc. This segment generates approximately $12-14 million in annual revenue, with manufacturing previously located in Lexington, OH and Tallin, Estonia. SMP plans to relocate all production to its existing facilities, with full integration expected within 12 months. This acquisition aligns with SMP's strategy to expand into the original equipment heavy-duty market, enhancing their emissions control technology portfolio.
Standard Motor Products (SMP) reported its Q4 2020 financial results, achieving consolidated net sales of $282.7 million, up from $241.3 million in Q4 2019. Earnings from continuing operations were $22.7 million or $1.00 per diluted share, compared to $12.7 million or $0.56 per diluted share last year. For the full year, net sales reached $1,128.6 million, slightly below $1,137.9 million in 2019, but full-year earnings rose to $80.4 million or $3.52 per share. The company announced a quarterly dividend of 25 cents per share and plans to repurchase up to $26.5 million of stock.
Standard Motor Products (NYSE: SMP) will report its earnings for Q4 and the full year 2020 on February 23, 2021, before market opening. The conference call is scheduled for 11:00 AM ET on the same day. Investors can join via domestic dial-in number 888-632-3389 or international 785-424-1674. The playback options are also provided for future reference. This earnings report will provide insights into the company's performance and financial metrics from the previous fiscal year.
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